Should we be surprised by Biden's warning about the US oligarchy? The reality is that the outgoing president is pointing the finger at a phenomenon that has been rooted in American society for decades. The real question is not whether the US is becoming an oligarchy, but why we are only now becoming aware of a process that began a long time ago.
US Oligarchy, the discovery of hot water
In his farewell speech (if you have time you can see it again here), Joe Biden He sounded an alarm that sent many Americans running to Google. He spoke of a US oligarchy in the making, characterized by “extreme wealth, power, and influence that literally threaten our entire democracy.” Strong words, which however seem to ignore how the concentration of power in the hands of a few is a historical characteristic of the American system.
Today, an oligarchy is forming in America, one of extreme wealth, power, and influence that literally threatens our entire democracy, our fundamental rights and freedoms, and a fair chance for all to get ahead.
Joe Biden, from his farewell speech
The outgoing president compared today's oligarchs to those who ruled the country in the 19th century, forgetting (perhaps) that that concentration of power has never really been dismantled.
A systemic problem
The analysis of Google Analytics reveals an interesting fact: there was a surge of searches for “meaning of oligarchy” and “definition of oligarchy.” Of the top five states with the highest searches, three (Nebraska, Iowa, and Wyoming) were states that voted for Trump in the election. That’s a figure that says a lot about the cultural divide in the country.
Biden also denounced what he called the “techno-industrial complex,” which he said represents a dangerous “concentration of technology, power and wealth” in the hands of a very few. But this concentration is certainly not new in recent years, and in the recent past it has fallen like an axe on Trump himself, kicked from social platforms by the same Big Tech leaders that today they run to kiss his ring.
The Role of Billionaires
The new Trump administration is shaping up to be one of the most pro-rich in the country’s history. Trump himself is a billionaire, like his new political ally, Elon Musk. Vivek Ramaswamy, Musk's rumored partner for DOGE (the organization designed to streamline—or, if you prefer, dismantle—the federal government) is also a billionaire, as are Trump's nominees to lead the Departments of Education, Commerce, the Interior, the Treasury, and NASA.
Policies that favor the rich
Since he was elected, Trump's aides have openly supported policies that would benefit the wealthy at the expense of everyone else. In their attempt to balance the federal budget, conservatives have suggested cuts to Social security, Medicare and other federal programs designed to deliver benefits to Americans.
At the same time, Trump has promised to lower taxes on the wealthy, a move that would paradoxically add trillions to the deficit. He has also suggested eliminating taxes on Social Security benefits, which would drain the program's revenue, thus threatening a system which 79% of Americans believe “should not be reduced in any way.”
In other words? New stages of a road that can lead the USA straight to something worse than oligarchy: a digital neo-feudalism. A road, unfortunately for Americans, cleared well before Trump and continued with Biden himself.
US Oligarchy, in a nutshell
The US oligarchy is not a future threat, but a present reality that has its roots in the past. The concentration of wealth and power in the hands of a few has been a constant in American history, fueled by bipartisan policies that have systematically favored the interests of economic elites and lobbies technological, militar, food, pharmaceuticals, energy.
The very fact that many Americans don’t even know the meaning of the word “oligarchy” is perhaps the most worrying symptom of all: how can you fight a phenomenon you can’t even recognize? We’re going to see some great things. So to speak.